Owning a rental investment property can be a rewarding experience. However, a rental property only generates income when the landlord has good tenants who pay their rent on time and do not destroy their property. As a landlord, you can choose to self-manage your property or look for a company specialising in property management services.
Once a landlord encounters a problem tenant, owning and managing a rental property can become difficult and very time-consuming. Some landlords may choose to do everything themselves, from finding tenants, maintaining properties and taking calls day and night. However, others prefer to get back all the time spent on those tasks by taking on a property management service company.
WHAT DO PROPERTY MANAGEMENT SERVICE COMPANIES DO?
One of the biggest benefits of using a property management service company is that they can handle all tenant screening activities. They receive hundreds of applications and are well practised in sorting the good from the not-so-good prospective tenants. Renting to the wrong tenant can cause all kinds of problems, including damage to the property or rent arrears. So, a high standard of tenant screening will save money and give you peace of mind.
Rent arrears are a potentially stressful problem for landlords and can cause tension with your tenants. A property management service company knows exactly what process to follow if your tenant is late with a rent payment and can manage it with no intervention from you. In the worst-case scenario, a property management service company would issue the eviction notice on your behalf.
Point of contact
Your tenants will need a point of contact to deal with any repairs, maintenance needs or other property needs, including emergencies. If you don’t have a property management service, it’s likely that you’ll need to be available 24 hours a day to respond. Dealing with these problems is a core element of their business, so they are able to handle them swiftly and easily as part of the service they provide. They will also have access to emergency plumbers, locksmiths and any other professionals you might need.
A property management service company won’t just make life easier for you but for your tenants. They will benefit from the availability of the team, and the swift resolution of any problems they have with the property. Happy tenants are less likely to move on at the end of their tenancy, which will save you money by keeping your property occupied for longer. Of course, utilising a property management service company comes at a cost. So it’s up to you to weigh up whether you’d rather save money or free up the time you spend managing properties yourself.